Retail Building with 2 Demisable
For Sale
Under Contract
$1,900,000
770-772 N Broad Street, Mooresville, NC 28115
SINGLE_FAMILY - Mooresville, NC
Property Size13,944 SF
Lot Size1.69 Acres
Price / SF$136.26
Days on Market489
Property Features for 770-772 N Broad Street
General Information
Property type
Residential
Property subtype
Retail
Zoning
CC
Zoning description
CC
Parking
70
Security features
Security System
Lot features
Cleared, Level
Directions
NC 150, South on Broad Street, right into parking lot.
Standard status
Active Under Contract
APN
4667-17-7707.000
Lot size
1.69 Acres
Taxes and HOA fees
Tax Description
MCNEELY
Legal Description
MCNEELY
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Forced Air
Cooling system
Zoned, Multi Units
Amenities
fenced rear yard
Building Details
Year built
1961
Flooring type
Carpet, Concrete, Vinyl, Tile
Building materials
Brick Full
Listing Agency:
Lake Norman Realty, Inc.
(704) 892-9673
Listed By:
Jeremy Katz · License #282116
(516) 850-3448
Added: Apr 17, 2025
Changed: Aug 3
Last Checked: Aug 18 at 5:06PM
MLS# 4248350
Copyright © 2026 Canopy MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Full brick retail building totaling approximately 13,944 SF, set on approximately 1.6 acres and built in 1961. CC zoning supports a wide variety of commercial uses. The building can be demised to 2 units on separate meters, offering flexibility for single or multi-tenant occupancy. Interiors include a mix of carpet, concrete, vinyl, and tile flooring, with forced air heating and zoned, multi-unit cooling. Cable is available, with public sewer in place, and the property also features an enclosed rear yard and abundant parking.
The property is located at 770-772 N Broad Street in Mooresville, near Downtown Mooresville, I-77, and NC-150, supporting convenient access for retail and service tenants serving the local trade area.
The property is located at 770-772 N Broad Street in Mooresville, near Downtown Mooresville, I-77, and NC-150, supporting convenient access for retail and service tenants serving the local trade area.
Key Highlights
- CC zoning allowing a wide variety of commercial uses
- Approximately 13,944 SF full brick retail building
- Approximately 1.6 acres set‑up
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$171,185
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
9.01%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$3,423,700
$3.4M
Cap Rate 7%
$2,445,500
$2.4M
Cap Rate 9%
$1,902,056
$1.9M
Market Conditions
NOI Build-Up for 13,944 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$264.4K $18.96/SF
− Vacancy
−$19.8K −$1.42/SF
EGI
$244.5K $17.54/SF
− OpEx
−$73.4K −$5.26/SF
NOI
$171.2K $12.28/SF
Area
Iredell County, NC
Vacancy
7.50%
Lease Rate
$18.96 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$3,423,700
Cap Rate 7%
$2,445,500
Cap Rate 9%
$1,902,056
Alternative Uses
Best Use
Retail
$2.45M
$2.14M – $2.85M
NOI $171,185 @ 7.0% cap · market cap 9.01%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.39M
$3.84M – $5.12M
NOI $307,214 @ 7.0% cap · market cap 16.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
371
Businesses Nearby
89k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 40%
Groceries 31%
Shops & Services 19%
Home Improvements & Furnishings 7%
McDonald's
Dining
29,535 visits/mo
0.5 miles
Food Lion Grocery Store
Groceries
27,149 visits/mo
0.2 miles
Caribou Coffee
Dining
5,600 visits/mo
0.0 miles
Southern States
Home Improvements & Furnishings
5,327 visits/mo
0.1 miles
Family Dollar
Shops & Services
5,081 visits/mo
0.4 miles
Demographics for 28115, NC
43,413
Population
17,427
Households
2.5
Avg Household Size
38
Median Age
37%
College-Educated
94%
High-School Grad
74.6 sq mi
ZIP Area
582
Density / Sq Mi
$86,724
Median Household Income
$46,921
Median Earnings
$1,193
Median Rent
$330,500
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - CC-zoned retail building with demising to 2 suites on separate meters and abundant on-site parking.
Where is this retail space located?
The property is located at 770-772 N Broad Street Mooresville, NC.
What is the asking price?
The asking price for this property is $1,900,000.
What are key features of this property?
This property features: CC zoning allowing a wide variety of commercial uses; Approximately 13,944 SF full brick retail building; Approximately 1.6 acres set‑up
